Dear Debenture holder, HALF YEARLY COMMUNICATION Pursuant to the provisions of Regulation 58(1)(d) of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, ( Listing Regulations ), the following are being sent herewith: A. the Financial Results of the Company for the second quarter and half year ended as on March 31,, Annexure A; and B. Certificate from Vistra ITCL (India) Limited, the Debenture Trustee for the various Series of Non- Convertible Debentures, having taken note of information disclosed under Regulation 52(4) of the Listing Regulations for the period ended March 31, Annexure B. Further pursuant to Regulation 52(4) of the Listing Regulations, we would like to inform you as under: Sr. Particulars Half Year Ended March 31 No. 1 Debt Service Coverage Ratio (no. of times) [refer note (a)] (0.59) 0.52 2 Interest Service Coverage Ratio (no. of times) [refer note (b)] (1.71) 1.15 3 Debt Equity Ratio [refer note (c)] 0.90 0.71 4 Net Worth ( in crores) [refer note (d)] 20,553.77 22,345.16 5 Capital Redemption Reserve ( in crores) 2.28 2.28 6 Debenture Redemption Reserve ( in crores) 1085.94 1,042.15 7 Asset Coverage Ratio [refer note (e)] 4.96 3.65 8 Net Profit after Tax ( in crores) (2597.62) 234.23 9 Earnings per Ordinary Share (Basic) ( ) (7.65) 0.68 Earnings per Ordinary Share (Diluted) ( ) (7.65) 0.68 Earnings per A Ordinary Share (Basic) ( ) (7.65) 0.78 Earnings per A Ordinary Share (Diluted) ( ) (7.65) 0.78 Formulae for calculation of ratios are as follows: (a) Debt Service Coverage Ratio = (Profit/(Loss) from Ordinary Activities before Tax + Interest on Long Term Loans) / (Interest on Long Term Loans + Repayment of Long Term Loan during the year) (b) Interest Service Coverage Ratio = (Profit/(Loss) from Ordinary Activities before Tax + Interest on Long Term Loans) /Interest on Long Term Loans For the purpose of calculation above, loans having original maturity of more than 360 days are considered as Long Term Loans. (c) Debt Equity Ratio = Total Debt/Equity (d) Net Worth = Share Capital + Reserve and Surplus (excluding Revaluation Reserve and Amalgamation Reserve) (e) Asset Coverage Ratio = [(Total Fixed assets + Non-Current Investments) - (Secured Non-Convertible Debentures (NCD) x 1.25)] / (Total NCD + Senior Notes) 10. Details of NCD payment schedule and credit rating as per Regulation 52(4) for the period ended March 31, : Sr. Particulars Previous due date (1) Next Due Date No. Principal Interest Principal Interest Credit Ratings A Secured NCDs 1 [INE155A07219] 9.95% NCD due 2020 - March 2, - March 2, 2018 ICRA AA/ Stable; 2 [INE155A07227] 10.25% - April 30, - April 30, NCD due 2025 3 [INE155A07227] 10.25% - April 30, - April 30, NCD due 2024 4 [INE155A07227] 10.25% - April 30, - April 30, NCD due 2023 5 [INE155A07227] 10.25% - April 30, - April 30, NCD due 2022 B Unsecured NCDs 1 [INE155A08043] 9.90% NCD due 2020 - May 7, - May 7, ICRA AA/Stable; 2 [INE155A08050] 9.75% NCD due 2020 - May 24, - May 24, ICRA AA/Stable; 3 [INE155A08068] 9.70% NCD due 2020 - June 18, - June 18, ICRA AA/Stable;
4 [INE155A08076] 10% NCD due 5 [INE155A08084] 10% NCD due 2019 6 [INE155A08100] 9.84% NCD due 7 [INE155A08118] 9.69% NCD due 2019 8 [INE155A08126] 9.45% NCD due 2018 9 [INE155A08183] 10.30% NCD due 2018 10 [INE155A08191] 9.81% NCD due 2024 11 [INE155A08209] 9.77% NCD due 2024 12 [INE155A08217] 9.71% NCD due 2019 13 [INE155A08225] 9.73% NCD due 2020 14 [INE155A08233] 9.60% NCD due 2022 15 [INE155A08241] 9.35% NCD due 2023 16 [INE155A08258] 9.02% NCD due 2021 17 [INE155A08266] 8.60% NCD due 2018 18 [INE155A08274] 8.25% NCD due 2019 19 [INE155A08282] 8.40% NCD due 2021 20 [INE155A08290] 8.13% NCD due 2018 21 [INE155A08308] 8.00% NCD due 2019 22 [INE155A08316] 7.50% NCD due 2021 23 [INE155A08324] 7.71% NCD due 2022 - May 28, May 26, May 26, Partial buyback on May 28, - May 26, ICRA AA/Stable; January 29, March 10, March 10, - NA - October 10, - October 10, ICRA AA/Stable; - October 23, March 29, 2018 October 23, Partial buyback on December 16, - December 16, January 29, - August 20, - August 19, ICRA AA/Stable; - September 12, - September 12, ICRA AA/Stable; - October 1, - September 30, - October 1, - September 30, - October 29, - October 27, - November 10, - November 10, ICRA AA/Stable; - December 9, - December 11, ICRA AA/ Stable Put call on February February 2. - NA 2, - NA - April 27, - NA - May 26. - NA - July 18, - NA - August 1, - NA - October 20, - NA - March 5, 2018 24 [INE155A08332] 7.84% NCD due 2021 - NA - March 27, 2018 25 [XS1121907676] 4.625% Senior Notes due 2020 26 [XS1121908211] 5.750% Senior Notes due 2024 October 28, October 28, April 30, April 30, Moody's Ba1; S&P BB+ Moody's Ba1; S&P BB+ (1) Interest and principal has been paid on or before the due dates We take this opportunity to thank you for reposing trust in the Company by investing in the listed non-convertible debt securities of the Company and we assure you of our continued services and attention at all times. Yours faithfully, For Tata Motors Limited Date: May 23, Encl.: As above H K Sethna Company Secretary
ANNEXURE A
ANNEXURE B